Daily Archives: February 29, 2012

Robin Harding

Ben Bernanke made no news on policy with his testimony to Congress on Wednesday but he did set out very clearly why there is no news on policy. He repeated several times that the apparent strength of the labour market is not consistent with the apparent weakness of final demand.


“The decline in the unemployment rate over the past year has been somewhat more rapid than might have been expected, given that the economy appears to have been growing during that time frame at or below its longer-term trend; continued improvement in the job market is likely to require stronger growth in final demand and production.”*

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Claire Jones

The eurozone financial system remains under pressure. But the results of the European Central Bank’s second offer of three-year loans will provide cheer to residents of the Eurotower.

The total amount of bids was higher than in December, and the net increase in liquidity was around 50 per cent higher than the €210bn injected in December. Read more

Claire Jones

The ECB has just released the results of the second offer of three-year loans.

€529.5bn will be winging its way to the accounts of eurozone banks tomorrow, when the operation is settled. Read more